HomeMy WebLinkAbout2008-060
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2008 - 060
Being a By-Law to authorize the debenturing of $1,084,267
Plus debenture costs to assist in the construction of the
Newcastle Branch Library located at
PI. Lot 27, Concession 2, Clarke Township
in the Municipality of Clarington.
WHEREAS Section 403 of the Municipal Act, 2001, S.O. 2001, provides that By-Laws may be passed
to allow for borrowing for the purpose of the Corporation and the issuance of debentures thereof;
WHEREAS the Council of the Corporation of the Municipality of Clarington wishes construction to
proceed on the Newcastle Branch Library;
WHEREAS the Council of the Corporation of the Municipality of Clarington has approved Report COD-
019-08 at its meeting of April 7, 2008, for the Newcastle Branch Library;
WHEREAS the Director of Finance/Treasurer has updated the Municipality's annual debenture limit
and this limit has not been exceeded, therefore, the Ontario Municipal Board approval is not required;
NOW THEREFORE, Be It Enacted and It is Enacted as a By-law of the Corporation of the Municipality
of Clarington as follows:
1. THAT the Municipality proceed with the construction of the Newcastle Branch Library, located
at Pt. Lot 27, Concession 2, Clarke Township, in the Municipality of Clarington;
2. THAT the sum of $1,084,267, plus debenture costs, be debentured over a period not to
exceed fifteen (15) years; and
3. THAT the funds to repay the principal and interest of the debenture be raised through a tax
levy on the ratepayers and/or to the extent possible through future development charges.
By-Law read a first and second time this 7th day of April, 2008.
By-Law read a third time and finally passed this 7th day of April, 2008.
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erneli1y, Mayor
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unicipal Clerk